Flushing theater building trades for $30M

The long-vacant RKO Keith’s theater building in Queens’ Flushing neighborhood has traded hands for $30 million. The buyer, New York-based Jerry Karlik’s JK Equities, intends to construct a 17-story, mixed-use apartment tower at the 135-35 Northern Boulevard site.

The seller was an investor named Patrick Thompson, who bought the building from Doral Bank for $20 million in 2010, the New York Post reported. Newmark Grubb Knight Frank’s Kenneth Zakin represented both parties and told the Post that “the building, vacant for over 20 years, is the development linchpin of northern Flushing, and its rebirth will eventually drive growth for the whole area.”

The development plan — which was previously approved by both the city and neighborhood community leaders, according to the Post — calls for a 407,000-square-foot project with 357 apartments, 17,000 square feet of retail and a facility for senior citizens. [NYP]  – Hiten Samtani